Petronet LNG’s Q1 profit floats 55% to Rs 378 crore

Petronet LNG Ltd on Monday posted a nearly 55 per cent jump in its standalone net profit at Rs 377.86 crore for the quarter ended June 30, 2016. The company had reported a net profit of Rs 244.12 crore in the corresponding quarter a year ago, it said in a BSE filing.

However, total income during the period under review fell to Rs 5,386.66 crore as against Rs 8,411.61 crore a year ago. Petronet LNG has set up the country’s first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala.

While the Dahej terminal has a nominal capacity of 10 mmtpa (equivalent to 40 mmscmd of natural gas), the Kochi terminal has a capacity of 5 mmtpa (equivalent to 20 mmscmd of natural gas).

The company is in the process to build the third terminal at Gangavaram, Andhra Pradesh.

Formed as a Joint Venture by the Union Government to import LNG and set up LNG terminals in the country, it involves India’s leading oil and natural gas industry players. Its promoters are GAIL (India) Ltd, Oil & Natural Gas Corporation Ltd, Indian Oil and Bharat Petroleum. The authorised capital is Rs 1,200 crore ($240 million).

Earlier, on Saturday nine power plants, including that of Dabhol, GMR, GVK and Lanco, have emerged as successful bidders for 187.14 crore subsidy to get natural gas supplies of 9.93 mmscmd for running a total 5,070 mw capacity.

With secured gas supplies, the plants will generate a total 8.81 billion units, which would be supplied at or below Rs 4.70 per unit for a period of six months to March 2017, the Power Ministry said in a statement.

This will involve government support of Rs 187.14 crore from the Power System Development Fund (PSDF). “Ratnagiri Gas and Power Private Ltd commonly know as Dabhol project got quantity of the natural supplies as demanded by it. Besides, the plants of GMR, GVK and Lanco too emerged successful bidders,” a source said.

The present reverse e-auction for the stranded gas-based plants is the fourth phase of auctions conducted under the Scheme for Utilisation of Stranded Gas Based Generation Capacity. The grid connected gas based power generation capacity in the country is 24,150 mw.